Student Loan Repayment Question
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Thread created 10-05-2012 by rkolenov
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Good Morning All,
I am looking for some guidance on the repayment of my Student Loans. I have a balance of roughly $18,000 and have a required monthly payment of $223 (15 year repayment). The...
Student Loan Repayment Question
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Thread created 10-05-2012 by rkolenov
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19 Replies
2,733 Views
highest interest first
5-4,1,2,3
Student Loan Repayment Question
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Thread created 10-05-2012 by rkolenov
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19 Replies
2,733 Views
I tell you to think of it that way because it all adds together in the end. The highest interest rate is always the best to pay back when you're looking at it from a monetary standpoint and overall...
Student Loan Repayment Question
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Thread created 10-05-2012 by rkolenov
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19 Replies
2,733 Views
This doesn't make sense.
Student Loan Repayment Question
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Thread created 10-05-2012 by rkolenov
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19 Replies
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Right, if you were only paying $1,000 a month, you actually would save more than in this example by paying off the higher interest rate / lower balance loan first than in the example I provided. ...
Student Loan Repayment Question
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Thread created 10-05-2012 by rkolenov
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19 Replies
2,733 Views
paying off high interest should always be better. either way, they will probably be insignificant amounts overall. To ease your brain, I would suggest running a scenario of it using amortization...
Student Loan Repayment Question
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Thread created 10-05-2012 by rkolenov
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19 Replies
2,733 Views
I agree with this statement if the OP is paying only the minimum amount, but since OP's going to be paying $1,000/month and only has $18,000 in debt, the OP will have these loans paid off in about 2...
Student Loan Repayment Question
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Thread created 10-05-2012 by rkolenov
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19 Replies
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I'm positive that I knew what you meant and was commenting on that. There is no "tipping point."
To do this and make it simple, I'm adding some terms to your example. Both loans are 3yr loans. ...
Student Loan Repayment Question
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Thread created 10-05-2012 by rkolenov
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19 Replies
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Repped for putting the time into explaining this one out completely.
Student Loan Repayment Question
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Thread created 10-05-2012 by rkolenov
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19 Replies
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Thank you for all the input I greatly appreciate it. Would anybody be able to tell me if loan 3 will accrue more interest monthly then loan 4? I understand it has a lower interest rate but the...
Student Loan Repayment Question
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Thread created 10-05-2012 by rkolenov
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19 Replies
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what's the point of the subsidized note? if you're in repayment, it doesn't matter. If the subsidized loans are still deferred, don't bother paying them because interest is not accruing.
I've...
Student Loan Repayment Question
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Thread created 10-05-2012 by rkolenov
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19 Replies
2,733 Views
This example is great and i appreciate all the time everyone has put in to help me with my current situation. I wanna start off by saying that I am not trying to bash or say anyone is wrong because i...
Student Loan Repayment Question
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Thread created 10-05-2012 by rkolenov
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19 Replies
2,733 Views
This isn't difficult math here.
Student Loan Repayment Question
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Thread created 10-05-2012 by rkolenov
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19 Replies
2,733 Views
agreed, highest interest first.
Student Loan Repayment Question
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Thread created 10-05-2012 by rkolenov
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19 Replies
2,733 Views
I'm with everyone else. Pay off the highest interest ones first and work your way down. Your higher interest ones are also your lowest, so you'll get two payed off fast!
Student Loan Repayment Question
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Thread created 10-05-2012 by rkolenov
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19 Replies
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I think you guys missed the main key in what I posted... "tipping point in time." Now, I could be wrong because I haven't been able to find a calculator to do what I'm talking about and I'm not...
Student Loan Repayment Question
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Thread created 10-05-2012 by rkolenov
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19 Replies
2,733 Views
Not to be rude, but you're wrong. This is bad advice.
See this thread and my post in it.
Paying off the highest interest rate first will always net you the most savings - no matter which...
Student Loan Repayment Question
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Thread created 10-05-2012 by rkolenov
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19 Replies
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the discrepancy in logic is that the difference in interest paid ($) depends solely on the interest rates, not the outstanding principals. (just elaborating your point)
general rule of thumb for...
Student Loan Repayment Question
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Thread created 10-05-2012 by rkolenov
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19 Replies
2,733 Views
my no brainer would be loan 5... tied with highest APR and lowest amount so it will be paid off faster...that simple satisfaction of paying off a debt is great
Followed by loan 4, loan 1, loan 2,...
Student Loan Repayment Question
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Thread created 10-05-2012 by rkolenov
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19 Replies
2,733 Views
Per dollar it will not accrue more.
Don't think about the interest each loan individually generates each month. Think of the amount of interest each individual dollar generates each month...
